On November 3, 2017, StandardAero announced that the company had finalized the acquisition of Vector Aerospace Holding SAS
Vector is a global aerospace maintenance, repair and overhaul company, providing responsive, quality support for turbine engines, components, fixed- and rotary-wing aircraft. A truly international company, it generated revenues of over US$700 million in 2016 and employs approximately 2,200 people in 22 locations across Canada, the United States, the United Kingdom, France, Kenya, South Africa, Australia and Singapore.
The newly combined company, which will maintain the name of StandardAero, has more than 6,000 employees in 42 locations across five continents, with annual revenues of approximately US$3 billion.
“We are excited to join forces with the Vector team in becoming one of the largest MRO companies in the world,” said Russell Ford, CEO of StandardAero. “Our combined organizations are better positioned to provide the industry with more global services, expanded MRO capabilities and operational benefits to deliver faster, higher quality solutions to our combined customers worldwide. We look forward to joining together with the Vector leadership and employees as we begin to integrate our two organizations.”
The acquisition provides a very complementary fit for both companies. Like StandardAero, Vector has a highly skilled and long-tenured workforce of certified technicians and experienced aerospace professionals with a passion for outstanding customer service. Together, the companies will quickly align on a vision to constantly raise the standard for aerospace MRO services. “This is a great opportunity to bring together two successful entities and we foresee the following benefits for our customers, enhanced operational efficiency and better turn times; greater abilities for creating value-added custom solutions and partnerships with customers; expanded research and development expertise; expanded global presence to improve our products, reliability and after-market support network and services; and better overall service and highly responsive customer experience,” said Ford.
Vector immediately expands StandardAero’s capabilities for providing turboprop MRO services for PT6 and PW100 engines. In addition, the acquisition significantly expands the company’s helicopter engine MRO capabilities with turboshaft engines and platforms on civil and military rotary-wing aircraft including M250, PT6T, Arriel 1&2, T58/CT58 and T700/CT7 engines. Vector also brings along new helicopter airframe and components services/support aligned with major OEMs like Boeing, Sikorsky, Airbus Helicopters and Bell Helicopter.
StandardAero has formed a dedicated team that is now working to integrate and transition the two companies over the weeks and months to come. “This transaction will facilitate the ability to provide better and more efficient service, combine the complementary expertise of both companies and allow us to offer a more complete portfolio of services to our customers,” Ford added.
Vector Aerospace is one of three acquisitions completed by StandardAero in 2017. Earlier in the year, StandardAero purchased Jet Aviation Specialists, an independent turbine engine component repair specialist based in Miami. And, in March, the company entered into a definitive agreement to acquire PAS Technologies, a high technology components provider, to expand its portfolio of industry-leading MRO service offerings. PAS specializes in providing cost-effective OEM and MRO solutions for the aerospace, oil and gas, and industrial gas turbine markets. With PAS Technologies, StandardAero is now a key player with new make manufacturing capabilities along with supporting the entire MRO requirements across the full engine life cycle. PAS Technologies operates from five facilities around the world, at the following locations: Hillsboro, OH; Kansas City, MO; Phoenix, AZ; Singapore; and Romania. PAS has nearly 500 employees and annual revenues exceeding $100 million.
In addition to these acquisitions, During Q2, 2017, StandardAero’s Military business unit secured an agreement to acquire Kelly Aviation Center facilities and equipment to fuel growth in San Antonio. The agreement expands operations at the site and authorizes StandardAero to serve as the provider of F110 engine assembly services to GE Aviation in support of the U.S. Air Force and allied forces. With this agreement, StandardAero has also expanded its engine test cells from four to a total of eight test cells thereby extending capabilities to support higher thrust class and afterburning turbofan engines. The company will also hold the long-term lease for existing facilities in San Antonio, including expanded space previously leased by KAC to provide more room for growth.